August 3, 2023, Vancouver, British Columbia, – Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU) (OTC: SMAGF) (the “Company” or “Soma”) announced the acquisition of the Otu Centro properties in Antioquia, Colombia, in May 2023 (see press release, May 17, 2023). The property is immediately to the south of, and contiguous with, the Company’s existing Zara exploration properties in Antioquia, Colombia, along the prolific Otu Fault corridor. Soma has initiated the exploration of the new properties and is pleased to provide an update on the planned 2023 exploration program.

The most significant vein occurrences are at the La Aurora and Constancia mines, which have over 1,000 meters of development work to a depth of 130 m. The project has had limited historical diamond drilling. Most of the exploration on the property has been surface exploration and informal small-scale mining at some of the known quartz veins on the property. Soma has planned a two-phase 10,000 m diamond drill program to start in Q3 of 2023. Phase 1 of the program is 5,000 m of drilling designed to evaluate structural controls on the quartz veins in the La Aurora and Constancia mines. The drill holes will target the down-plunge extent of recently identified high-grade ore shoots within the mine. The deposit is also open along strike to the north and south. Evaluation of the along-strike potential for mineralization will be tested during the phase 1 drilling program. The drilling program at the La Aurora Mine will be completed by a contract drilling company, Logan Drilling Colombia S.A.S. This contract drilling is in addition to the ongoing 20,000 m annual drill programs on the Bagre and Zara projects. Total drilling on the Company’s properties on the Otu fault is 294,464 m.

Soma has applied for permits for the drill platforms required for the 2023 exploration program. While awaiting regulatory approval, Soma has initiated meetings to advance its ESG program within the local community at Machuca, Colombia. Furthermore, the exploration team has completed a compilation of historical data prior to the start of field mapping, geochemical sampling, and prospecting on the property this month.

In addition to the exploration activities on the Otu Centro property and the continuation of the work to expand resources at the Cordero Mine, Soma is initiating a mapping, soil sampling and stream sediment program on the Nechi property to better identify drilling targets planned for 2024.

The updated program contemplates an annual program that includes over 40,000 meters of diamond drilling with a yearly exploration spend of approximately US$4 million. This pace of exploration is expected to continue through 2025.

Soma’s Vice President of Exploration, Chris Buchanan, stated, “Our exploration team is excited to have started mapping and prospecting activities on the Otu Centro Property. The amount of informal mining activity at several different gold-bearing quartz veins indicates the strong potential for discoveries along the Otu Fault. Soma’s pending drill program will target newly recognized high-grade ore shoots within the past producing La Aurora and Constancia mines. We’re excited to expand these deposits along strike and down-dip with new drilling this season.”

The Otú fault system (“Otú Fault”) has a strike length of over 100 km, from Segovia-Remedios in the south to Nechi in the north (where it is buried by younger sedimentary overlap sequences). Soma’s property holdings now cover more than 56 km of this strike length. High-grade gold mineralization occurs along the entire strike length of the Otú Fault. The high-grade gold occurs in brittle-ductile to brittle quartz veins that form during later stages of deformation along the Otú Fault. Across the district, the quartz veins display orientation patterns that suggest the veins form in conjugate faults associated with brittle faulting on the Otú Fault. Notable mines along the Otú trend include Segovia-Remedios, La Aurora, El Limon, Le Ye, Los Mangos, and Cordero. The Otu Centro Property is located along a critical segment of this regional fault structure and contains numerous indications of high-grade gold mineralization.

Qualified Person Statement

Mr. Chris Buchanan, P.Geo, is Soma’s Vice-President of Exploration and a Qualified Person as defined by National Instrument 43-101. Mr. Buchanan has reviewed the technical information disclosed in this press release.

ABOUT SOMA GOLD

Soma Gold Corp. (TSXV: SOMA) is a mining company focused on gold production and exploration. The Company owns two adjacent mining properties in Antioquia, Colombia with a combined milling capacity of 675 tpd. (Permitted for 1,400 tpd). The El Bagre Mill is currently operating and producing. Internally generated funds are being used to finance a regional exploration program.

The Company also owns an exploration property near Tucuma, Para State, Brazil that is currently under option to Ero Copper Corp.

On behalf of the Board of Directors
“Javier Cordova Unda”
Chief Executive Officer and President

For further information, please contact Andrea Laird, telephone: +1-604-259-0302

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All statements, analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.